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AU Small Finance Bank – Total Enterprise Reinvention Journey

AU Small Finance Bank

From passbooks to credit cards to mobile banking, technology has accelerated the banking industry’s transformation. Banks have benefited from India’s favorable regulatory framework, growing economy, and cutting-edge technology by collaborating with key partners. Accenture and AU Small Finance Bank are one example of a successful collaboration. In the second episode of the BT-Accenture Leadership Dialogues, Business Today’s Aayush Ailawadi speaks with Sanjay Agarwal, Managing Director and CEO of AU Small Finance Bank, and Sonali Kulkarni, Managing Director and Lead – Financial Services of Accenture in India, about their experiences embracing digital transformation, offering financial services 24×7 anywhere – including the most remote locations – and what the future holds for India’s financial services. 

AU Small Finance Bank, which began as a non-banking financial company in 1996, has grown to become India’s largest and fastest expanding small finance bank, with 1,027 touchpoints throughout 21 states and three union territories. 

Sanjay Agarwal, a Chartered Accountant from the pink city of Jaipur, has a professional background. As a first-generation entrepreneur, he set out to empower people with business aspirations who live in underbanked areas. After working with rural and urban people as AU Financiers for two decades, they gained a banking license in 2016 and became AU Small Finance Bank. In a strategic relationship, the bank teamed up with Accenture to lay a solid technological basis and harness sophisticated digital solutions. 

AU Small Finance Bank

Because of the solid technological foundation, AU Small Finance Bank was able to provide a range of sophisticated features, such as the digital platform AU 0101 and video KYC technology, which enhances the banking experience and provides excellent value to their customers. “…in the hinterland of India, we leverage technology to help people fill out banking forms, thereby overcoming literacy and language barriers,” Sanjay Agarwal highlights the necessity of paperless banking in rural areas. He notes the extraordinary evolution of the Indian banking sector as a result of new technical advancements and a favorable regulatory environment. “If you wanted to open an account 20 years ago, it would take you around 30 days; now it takes 30 seconds,” explains Sanjay Agarwal. 

With data becoming more prevalent, AU Bank has continued its collaboration with Accenture to establish a new cloud-based data platform that will serve as the foundation for offering customized and personalized services to their customers, enabling sales acceleration and improving overall productivity across the bank. “The data platform program that we are developing with AU Small Finance Bank leverages the power of the cloud.” According to Sonali Kulkarni, this should enable the bank to provide more personalized experiences and unlock value for its customers. This core cloud data platform will enable the bank to implement advanced analytics, AI, and Generative AI while remaining future-ready. 

AU Small Finance Bank has partnered with Accenture to upgrade to cloud migration, which will enable the bank to provide more personalised and personalized services to its clients, increase employee efficiency, and increase sales. AU Small Finance Bank will also be able to use generative AI and advanced analytics tools after migrating to the cloud. 

Sanjay Agarwal, a cricket lover, shares how his learnings from the gentleman’s game helped him lead his team to victory when addressing the bank’s plan for navigating the pandemic. “I always tell people, this is bad weather, let’s not get out, stay on course, don’t be adventurous,” Sanjay Agarwal adds.